New York, January 26, 2026, 13:44 (ET) — Regular session
- Spot silver up about 11% in U.S. trading, with a session range topping $117/oz
- Safe-haven demand grows as investors track tariff threats and currency-market jitters
- Focus shifts to Wednesday’s Federal Reserve decision and any signal on rates and the dollar
Spot silver climbed 11.45% to $114.76 an ounce by 1:44 p.m. ET, after trading between $102.97 and $117.73 in the session, pricing data showed. 1
The latest leg higher has come with investors leaning harder into precious metals as political and trade headlines rattle confidence in U.S. assets. “For precious metals this year, the major drivers are going to be ‘Trump and Trump,’” said Adrian Ash, head of research at online marketplace BullionVault. UBS analyst Giovanni Staunovo said “momentum is strong” but warned “such high prices should reduce industrial demand.” 2
Silver is both a precious metal and an industrial input, used in electronics and solar panels as well as bullion and coins, so it tends to move with the dollar and rate bets. Reuters’ Morning Bid pointed to a weaker dollar, renewed trade tension and the looming Fed meeting as part of the mix pushing metals higher. 3
In Canada, where miners carry heavy weight, the rally fed straight into equities. The TSX hit a record on Monday as gold miners led gains, and Reuters said silver was up 8.2% in early North American trade even as Trump’s threat of 100% tariffs on Canada kept a risk premium in markets. 4
Silver-linked stocks and trackers moved with the tape. Hecla Mining and Coeur Mining rose 4.8% and 2.7%, while iShares Silver Trust and abrdn Physical Silver Shares each jumped about 11%, Reuters reported; Scotiabank analysts said they expect “stronger for longer” silver prices in the near to medium term. 5
Futures were firm as well. On COMEX, the January silver contract was around $114.62 an ounce and March was near $115.41, according to Barchart data. 6
A closely watched gauge also shifted in silver’s favour. The gold/silver ratio — the number of ounces of silver needed to match the value of one ounce of gold — fell to 46.36 on Monday from 48.61 on Friday, FXStreet data showed. 7
But the rally is starting to draw louder warnings about a snapback. StoneX analyst Rhona O’Connell said on Friday silver was in a “self-propelled frenzy” and that cracks “could easily become chasms,” while BNP Paribas strategist David Wilson warned profit taking could arrive “sooner rather than later.” 8
Next up is Wednesday’s Federal Reserve meeting. Traders are watching for any shift in tone that could move the dollar and real yields — and with them, silver — while keeping one eye on whether tariff threats turn into concrete policy moves.
